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Tieto provides Card Suite solution for OTP Bank
[November 27, 2012]

Tieto provides Card Suite solution for OTP Bank

Nov 27, 2012 (Datamonitor via COMTEX) -- Tieto Oyj, a Finland-based company which offers industry consulting and enterprise solutions, has provided a Card Suite solution allowing OTP Bank Russia to offer its customers on-us Person-to-Person, or P2P, payments as well as utility payments functionality.

OTP Bank and Tieto have a long-term experience of working together and implementing a range of different innovative solutions. The latest project is a result of OTP Bank's business goal to implement an effective and secure internet bank payment solution.

The Card Suite solution offers a more secure authorization and processing of internet bank payments. Moreover, the solution has been flexibly integrated with two external systems. All internet bank payments are now momentarily authorized in an external system, which decreases the risks of overdraft. The project's success lies in such details as both parties' specialists' professional qualities and high operational effectiveness.

Card Suite Person to Person Transfer Service solution allows transferring funds from one card to another using various channels like ATM, in-branch POS terminal, mobile bank, internet bank, info-kiosk and others. This service can be deployed for on-us and domestic operations as well as for international money transfers and it supports Visa International and MasterCard Worldwide requirements.

The solution provides tangible benefits for both, service providers and cardholders. Since the service can also be accessed through internet or a mobile bank, clients can transfer money without leaving the house or office. For cardholders, the service cost is much lower than using common transfer services and therefore is more beneficial. Similarly to standard purchase transactions, the security level is improved along with the card industry standards.

"Following the decision to implement this project in July 2011, in November 2011 the bank was ready to begin pilot operation of the new features. During this period with the joint efforts of Tieto experts and experts of the bank, a full range of works was done - starting from analysis of the project and development to full functional and integration testing. Within two months, the bank gradually expanded the application of new services to its customers, of course, offering them first to own employees," says Evgenij Gulakov, Deputy Head of Programming Department, OTP Bank Russia.

"We are always glad to help advance and grow our customer business and P2P payments is a definite advancement to attract and retain customers as well as expand OTP Bank's service portfolio," says Maris Ozolins, Director, Cards, Tieto Financial Services. Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

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